The race to keep up with technology and put it to the most effective business use is producing digital “haves” and “have-mores” – and the large, persistent gap between them is becoming a decisive factor in competition across the economy.
The sectors, companies, and individuals on the digital frontier continue to push the boundaries of technology use - and capture disproportionate gains as a result. This growing gap between the digital "haves" and "have-mores" has profound consequences for business strategy, industry competition, the labour market and the future of work, and inequality.
The lagging sectors are less than 15 percent as digitized as the leading sectors.
A tale of the haves and have-mores
Today the race is on to capture value from data analytics and the Internet of Things, but there is no finish line. Digitization involves continuously experimenting and adapting, whether the focus is on back-office processes, the customer experience, or the introduction of new products and services. It takes investment, agility, and relentless focus to stay ahead in this hyper-competitive new world, but there are outsized opportunities for the organisations and individuals that can establish themselves as digital leaders.
Jeff Immet of McKinsey & Company explains that past companies such as airlines and industrial manufacturing would never think they would be as involved in the digital industry as they are today. Yes, airplanes use computers to assist the pilot, but now their engines have multiple sensors for heat, fuel and more, creating up to a terabyte of data in just one flight. Similar data collection is happening in the industrial trade as well.
SANDSTONE has been and will continue to be, investing in digitisation. We had begun this journey at our OUTLOOK event in 2009. In 2016, we called attention to mass digitisation and its ‘no-end-in-sight' growth. In fact, when it comes to digitisation, we go beyond investment by applying these modernisations to our own business. Digitisation assists our team's research and client asset protection by expanding our investigative reach and encrypting sensitive data through layers of security.
Source: McKinsey & Company, SANDSTONE OUTLOOK 2016 Event